Surge In Jobless Claims Sends Markets Tumbling
In yet another volatile trading day, the markets ending sharply lower with the Dow collapsing 445 points to 7552 as jobless claims surged. Nasdaq skidded 70 points to 1316.
On the upside
Shares of Ford Motor (NYSE: F) and General Motor (NYSE: GM) rose after Congress avoided a likely defeat of a $25 billion auto industry bailout package by requiring the Big Three to develop a viable business plan.
Ambac Financial (NYSE: ABK) reduced its liabilities by paying $1 billion to cancel four contracts that covered collateralized debt valued at $3.5 billion.
Cantor Fitzgerald initiated coverage of Essex Property Trust (NYSE: ESS) with a Buy rating.
On the downside
Clearwire's (Nasdaq: CLWR) shareholders approved a deal to merge with Sprint Nextel's (NYSE: S) wireless broadband network by the end of the year.
Helix Energy Solutions (NYSE: HLX) issued a press release stating that the company is unaware of the reason for the recent drop in its stock price and affirmed the company's commitment to generating stockholder value.
Quicksilver Resources (NYSE: KWK) approved a a 2009 capital budget of $600 million.
In the broad market, declining issues overwhelmed advancers by a margin of 10 to 1 on the NYSE and by nearly 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 27 points to 385.
